March 2025 marks the 21st anniversary of Fraud Prevention Month in Canada, a time dedicated to raising awareness about fraud risks and enhancing fraud prevention efforts.

At MacEwan University, we are committed to maintaining an environment free from fraudulent or irregular activities to ensure all assets and resources are used legitimately and in accordance with university guidelines. Fraud, whether financial, cyber, or academic, can undermine trust, impact resources, and harm our university’s reputation.

This month, Internal Audit and Risk Management will provide a two-part refresher on preventing, recognizing, and reporting fraudulent activities.

Understanding Fraud

Fraud occurs when an individual intentionally deceives another for personal or financial gain. Within a university setting, fraud can take many forms, including:

  • Financial Fraud – Misuse of university funds, fraudulent expense claims, or embezzlement.
  • Cyber Fraud – Phishing scams, data breaches, and identity theft targeting students, faculty, and staff.
  • Research Fraud – Falsification of research data or plagiarism.
  • Procurement Fraud – Manipulation of supplier contracts, kickbacks, or overbilling.
  • Student Fraud – Falsified admissions documents, fake scholarships, or fraudulent financial aid applications.

Fraud can be perpetrated by internal or external parties, making vigilance and proactive fraud risk management essential.

The Cost of Fraud

In addition to financial losses, fraud erodes trust and credibility within our academic community. According to the Association of Certified Fraud Examiners (ACFE), organizations lose approximately 5 percent of their revenue to fraud each year. In an academic institution, these losses could mean reduced funding for research, scholarships, and campus development projects.

Beyond financial impact, fraud can:

  • Jeopardize student financial aid programs
  • Damage the university’s reputation
  • Expose sensitive data to cybercriminals
  • Lead to legal and regulatory consequences

By fostering fraud awareness and implementing strong internal controls, we can mitigate fraud risks and safeguard university resources.

Next week, we will explore how to prevent, recognize, and report fraudulent activities.

From Internal Audit and Risk Management